Most businesses start as family businesses. However, when families and the business grow, the dynamics typically tend to become more complicated. Members of the extended family grow up with a nuance of expectations on the future of the business. About 95% family businesses do not survive the third generation of ownership because they fail to transform from a Family set up to a Corporate set up. The transformation process is affected by family relationships, values, legal concerns and a host of soft and business issues that make the transformation, most of the time, complicated and cumbersome. At Governance Dynamics, we help family businesses define and navigate a transformation journey that is specifically fit for them as the dynamics of each family is unique.
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